Business Loan Protection
Business Loan Protection1 is an affordable way to insure your business loan against the risk of a disability. The coverage provides benefits to help you continue your loan payments and keep your business open if you become too sick or hurt to work.
About the coverage
- What's covered: Available for loans taken out for business needs2, such as:
- Purchase of a practice or existing business
- Purchase of expensive equipment
- Expansion of the business or practice
- Facility renovations and improvements
- An increase in working capital or build up of inventory
- Purchase of a building or land (for the sole use of the business)
- Benefit amounts: Covers loan obligations of up to $20,000/month, with a maximum aggregate of $2 million.
- Benefit assignment: You choose whether you want the benefits paid to you (on a reimbursement basis) or assigned directly to the lender holding your loan.
Advantages to your business
In the event of a total disability, Business Loan Protection can help:
- Keep your business open and operating, helping retain employees and customers
- Create goodwill with your customers, employees, creditors, lenders, shareholders and stakeholders by showing a contingency plan is in place
- Uphold your obligation to the lender and maintain your credit rating
Contact your local representative for more information and to discuss all your business planning needs. We can connect you with a financial professional if you don't have one.